Galaxy CEO Mike Novogratz has told Bloomberg that he does not believe that quantum fears are the main reason behind Bitcoin's violent crash.
This comes after some market commentators misinterpreted his point.
Alex Thorn, Galaxy Digital's head of research, was swift to clarify that Novogratz was listing "quantum concerns" as a general market FUD narrative that he disagrees with.
A "seller's virus"
According to Novogratz, the community felt like it had won after the cryptocurrency crossed the $100,000 level, and people started taking profits.
There has been a "seller's virus" that has gotten into the market, the Galaxy head says. "There was buying, sure. Lots of new institutions are coming in, but prices are set in the margin, and there have been more sellers than buyers," Novogratz said.
Bitcoin's brutal crash
Earlier today, the leading cryptocurrency collapsed below $74,000 for the first time since November 2024, wiping out all of the gains that had been won due to the friendlier regulatory regime in the U.S.
Novogratz thinks that Bitcoin is getting "close" to the bottom, but he is not fully convinced as of now. "You always know the bottom after you see it," Novogratz quipped.
He sees the possible passage of the market structure bill in the US Senate as a potential bullish catalyst. "I am actually more optimistic because both sides want it done, but we will see," he told Bloomberg.
As reported by U.Today, Novogratz previously described Bitcoin's price action as "disappointing," arguing that the cryptocurrency needed to reclaim the $100,000-$103,000 range in order to resume its bullish trend.
Alex Dovbnya
Dan Burgin